Saturday, September 29

Topsy-turvy

On September 24, Apple announced that it had sold 5 million iPhone 5s in the three days since the phone's introduction. This represents a profit of one to two billion American dollars. In three days! One might have expected AAPL to do better than drop $10, that day, from its $700 previous close — and another $17 the day after.

On September 27, Research in Motion announced that it had lost $235 million in its second quarter. How did NASDAQ react to this news? RIMM went from $7.14 per share to $7.50. I guess the fundamentals were sound, in the fundamentally flawed illogic of what constitutes the American stock market system.

Disclosure: I do not use a mobile phone nor have I ever put money into the stock market.